India's cryptocurrency industry is intensifying its lobbying efforts, urging the government to reform its digital asset tax framework ahead of the Union Budget scheduled for presentation on February 1. The current tax regime, implemented in 2022, imposes a flat 30% levy on crypto gains and a 1% Tax Deducted at Source (TDS) on most transactions, irrespective of profitability. A significant point of contention is the inability for traders to offset losses against gains, a restriction industry leaders argue is stifling domestic innovation and pushing activity offshore.
This domestic regulatory push coincides with heightened speculative interest in early-stage crypto presales, particularly those rumored for future exchange listings. The project DeepSnitch AI (DSNT) is at the center of this hype, with its presale in Stage 4 having raised over $1.2 million. The DSNT token price has risen over 125% from its initial $0.01510 to $0.03469. The platform, which offers a dashboard with multiple AI agents for tracking market opportunities and risks, is being promoted as a potential candidate for a future Binance listing, with proponents suggesting possible 100x to 200x gains post-listing.
Separately, the regulatory landscape in the United States is also in focus. Coinbase CEO Brian Armstrong stated the exchange no longer supports the current draft of the Clarity Act, citing provisions that could harm consumers. He expects a markup of the bill in the coming weeks, where amendments could be introduced. Despite this, market participants remain broadly optimistic about the potential bullish impact of clearer U.S. crypto regulation.
This regulatory optimism is fueling comparisons among several high-profile presale projects. Beyond DeepSnitch AI, traders are evaluating Bitcoin Hyper (a Bitcoin Layer-2 solution), IPO Genie (an AI project scanning private markets), and Digitap (a DeFi/TradFi banking bridge). Each project presents a different value proposition, but DeepSnitch AI is highlighted for its imminent late-January platform launch and functional tools like 'AuditSnitch', which provides instant on-chain security audits for token contracts.
